Rochester RazorSharks founder Dr. Severko Hrywnak expects to regain full ownership of the team in the next week, and said he will move quickly to get the organization back on track.

"I couldn't let it go like it was going," he said in a phone interview.

After four straight championship seasons, the minor-league basketball team posted a losing record this past season. Last week, former head coach Christopher Iversen sued the club, claiming he wasn't paid for most of his final year.

Hrywnak took a minority position last year, but started the process to buy back the team at the end of the season. The deal is expected to close Aug. 21, if not sooner.

"I'm taking it back, and I'm taking back all the debt," he said. Asked to elaborate on the financial state of the ballclub, he said only, "Not a good one."

"It's easy to want to own a team," he said, "but there are a lot of checks you have to write."

One of the first things will be to settle up with Iversen, he said.

Iversen, who coached team from May 2016 through this past February, filed suit in New York state Supreme Court, seeking $32,465 in back wages. He claimed he received only one partial payment toward his salary during his final nine months on the job.

In addition to wages owed, Iversen is seeking $5,000 in damages, plus attorney fees and other costs.

"He is still part of the family. No hard feelings," Hrywnak said of Iversen. "We are still great friends."

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Razorsharks head coach Chris Iversen with his team during a time out.(Photo11: Jamie Germano/@jgermano1/Staff Photographer)

Going forward, Hrywnak, a Rochester native and Chicago resident, said the team will have local management. He plans to come to town after the buyback closes to meet with a variety of local officials. Asked about interim head coach Clay Pittinaro, Hrywnak said: "We will start negotiating with him as soon as we close. It's up to him. ... I'll interview him. If he wants it, he's got it."

As for Iversen, he said, the door is open to come back and work somewhere in the organization. Also on the agenda is to talk with Pegula Sports and Entertainment, the new interim (and expected long-term) manager of Blue Cross Arena at the Community War Memorial.